Weekly Holidays Act 1950 Applies to Shops, Restaurants and Theatres
Weekly Holidays Act 1950 is an Act to provide a weekly holiday for persons employed in shops, restaurants and theatres. In this Act, unless the context otherwise requires- “restaurant” means any premises in which is carried on principally or wholly the business of supplying meals or refreshments to the public or a class of the […]
The Roadmap to a Career in Transfer Pricing: Key Courses and Specialisations
Transfer pricing refers to setting prices for goods or services traded between related companies or entities within the same corporate group. In the tax context, transfer pricing can shift profits from one tax jurisdiction to another to minimise taxes owed. This can involve setting prices for transactions between companies in different countries, which are often […]
Public Ruling No. 7/2022: Venture Capital Tax Incentives
On 23 December 2022, the IRB released PR No. 7/2022 on Venture Capital Tax Incentives, which replaces the previously issued PR No. 2/2016 from 9 May 2016. The new 17-page PR contains the following contents and includes six examples:- The newly published PR No. 7/2022 is mainly similar to PR No. 2/2016. It provides an […]
IRBM’s Responses to CTIM on Issues from Joint Memorandum on Post-2022 Budget Issues & Gazette Orders
On December 23, 2022, the Inland Revenue Board of Malaysia’s responses regarding issues raised by CTIM members on June 13, 2022, were released. These issues were related to IRBM’s Responses to Joint Memorandum on Post-2022 Budget Issues and Gazette Orders. The following is a summary of IRBM’s Responses to CTIM Members’ Issues arising from IRBM’s […]
Public Ruling No. 6/2022 – Accelerated Capital Allowance (“ACA”)
The ACA is an allowable allowance for a person who has incurred qualifying expenditure (QE) on assets used for business purposes. The ACA rate provided in the Income Tax Rules (ITR) is under the powers conferred by paragraphs 154(1)(b) and paragraphs 10 and 15 of Schedule 3 of the ITA. The conditions that a person […]
Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022
We want to inform you that the Minister has exercised the powers conferred by paragraph 154(1)(b), read together with subsection 6(1A) of, and paragraph 2 of Part XVII of Schedule 1 to, the Income Tax Act 1967 [Act 53] and issued the Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022 [P.U. […]
Sales Tax (Persons Exempted from Payment of Tax) (Amendment) Order 2022 [P.U.(A) 380/2022]
According to Section 35(1)(b) of the Sales Tax Act 2018, the Minister has the authority to issue an order, subject to certain conditions, that exempts any individual or group from paying all or a portion of the sales tax imposed on any taxable goods that are produced or brought into the country. This order will […]
Application For Sales Tax Exemption Certificate Under Item 65, Schedule A of the Exemption Order
The announcement from the Royal Malaysian Customs Department (RMCD) on 20 December 2022 pertains to the Application for Sales Tax Exemption Certificate under Item 65, Schedule A of the Sales Tax (Persons Exempted From Payment Of Tax) Order 2018. On 20 December 2022, the Royal Malaysian Customs Department (RMCD) released an announcement regarding the Application […]
Public Ruling No. 5/2022 – Taxation of a Resident Individual Part II – Computation of Total Income
The Public Ruling (PR) No. 5/2022 – Taxation of a Resident Individual Part II – Computation of Total Income and Chargeable Income dated 9 December 2022 has been made available on the website of the Inland Revenue Board of Malaysia (HASiL). This third edition replaces PR No. 5/2018, dated 13 September 2018. Pages 40 and […]
Technical Guidelines on Tax Treatment in relation to Income which is received from Abroad
According to the Finance Act 2021, the income tax exemption on foreign-sourced income (FSI) received by any person (other than a resident company carrying on the business of banking, insurance, or sea or air transport) will be removed for all Malaysian-resident taxpayers beginning on January 1, 2022. As a result of this: Exemption Orders Certain […]
